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This study aims to examine the long-run relationship between macroeconomic and financial conditions and the aggregate number of mergers and acquisitions (M&As) in the USA, drawing on data spanning from 1928 to 2019.

The study estimated a Vector Error Correction Model (VECM) encompassing four variables: the aggregate number of M&As, industrial production, the rates on three-month U.S. treasury bills and the closing price of the Dow Jones Industrial Average.

There exists a long-run relationship among the four variables. An increase in industrial production is associated with a fall in M&A transactions, reflecting a tendency for M&A waves to start during economic downturns. Similarly, contractionary monetary policy, which often happens during good economic and financial times, leads to a decline in M&A activity. When the equilibrium among the four variables is disrupted, the aggregate number of M&As, along with financial conditions, works to restore the equilibrium.

To the best of the authors’ knowledge, this is the first study to examine the long-run relationship between macroeconomic and financial conditions using data spanning nearly a century.

This study aims to analyze the development of digital market characteristics particularly focusing on how the strategic choices of platforms are not fully reflected in pricing. In addition, the implications for the development of theories of harm are investigated to explore the necessity of a relevant market definition in assessing infringement and evaluating the adequacy of Indonesian competition law.

This study is a legal analysis that uses statutory approaches, cases, comparative law and the development of theories of harm in digital mergers. The case approach is conducted by analyzing three cases decided by the Indonesia Business Competition Supervisory Commission. This approach provides insight into the response of Komisi Pengawas Persaingan Usaha concerning the merger and acquisition cases in the digital era as well as the provision of different analyses in conventional markets. However, competition can be potentially damaged in digital markets and a comparative law approach is taken by analyzing digital merger cases decided by authorities in other countries.

Results reveal that the digital market has created a “relevant market” that is challenging and blurred due to multi-sided network effects and consumer data usage characteristics. Platform-based enterprises’ prices fluctuate due to the digital market’s network effect and consumer data statistics. Smartphone prices depend on the number of apps and consumer data. Neoclassical theory focusing on product markets and location applied in Indonesia must be revised to establish a relevant digital economy market. To evaluate digital mergers, new harm theories are needed. The merger should also protect consumer data. Law Number 27 of 2022 on Personal Data Protection and Government Regulation on the Implementation of Electronic Systems and Transactions protects online consumers, a basic step in due diligence for digital mergers. The Indonesian Government should promptly strengthen the notion of “relevant markets” in the digital economy, which could lead to fair business competition violations like big data control. Notify partners or digital merger participants of the accessibility of sensitive data like transaction history and user location.

The development of digital market characteristics has implications for developing theories of harm in digital markets. Indonesian competition law needs to develop such theories of harm to analyze the potential for anticompetitive digital mergers in the digital economy era.

Skillful management of employees after a merger or acquisition (M&A) is one of the key aspects to ensuring a successful deal, and most notably to ensure talent retention. This paper aims to describe how Bristol Myer Squibb (BMS) efficiently integrated Celgene after it bought the company for a near-record $74bn in 2019. The authors explain the structural elements applied during the premerger phase (acquisition experience, partner location and portfolio alignment) and the subsequent postmerger decisions to ensure rapid integration (choice of the leadership team, cultural integration and the communication strategy).

This paper adopts a single-case approach of the second largest acquisition in the pharmaceutical industry. It analyzes the management and talent retention decisions taken to ensure rapid integration of Celgene while ensuring that employees felt engaged in the process. This was achieved despite the consideration challenges posed by the COVID-19 global lockdown.

M&As are well known for the HR challenges they generate such as change management, cultural clashes and increased employee turnover. This paper demonstrates how BMS was able to overcome these hurdles, combining a fast speed of integration with managerial dexterity.

This paper offers a concise and clear outline of the management strategies used by BMS to ensure a successful integration strategy. This approach included a strong respect for the human as well as financial and strategic aspects of the deal. For even greater clarity, this paper offers a diagrammatic representation of the strategy of BMS to improve the speed of integration.

The purpose of this study is to investigate the influence of the target firm’s high-tech status on the share of ownership decision in cross-border acquisitions (CBAs), which is an under-explored topic in cross-border M&A literature.

The authors used Tobit regression and tested the hypotheses using a sample of 7,011 CBA transactions between 1999 and 2014. Inverse Mills ratio was used to address selection bias, and various robustness tests were performed.

The authors found that acquirers seek greater ownership share when acquiring high-tech firms, and that this relationship is moderated by various firm and national level factors. Specifically, the positive relationship between the high-tech status of a target firm and ownership share acquired is stronger when the firms’ primary operations are highly related or there is high formal institutional distance between the firms’ home countries, but it is weaker when acquirers have more prior M&A experience or there is high cultural and geographic distance between the firms’ home countries.

While the topic of ownership strategy in CBAs is advancing, it is still limited, especially when examining acquisitions of high-tech target firms. The authors contribute to the research on CBAs and ownership strategy by focusing on the high-tech status of the target firm, and using a sample of both private and public target firms from 116 countries.

The purpose of this study of M&A in relation to sustainability aims to create synergies that drive both financial performance and positive environmental and social outcomes, aligning business objectives with broader societal goals. The study can help in understanding the structure, collaborations and recent keywords and topics that are related to M&A in relation to sustainability.

This study applies comprehensive bibliometric analysis on performance analysis and science mapping of the scholarly literature related to M&A in relation to sustainability published between 2004 and 2024 in 196 publications on Web of science and Scopus by leveraging biblioshiny within R Studio and the VOS viewer software for enhanced visualization and interpretation of the bibliometric data.

This study helps to find out the co-occurrence analysis, bibliographical coupling and keyword analysis. Moreover, it scrutinizes patterns of collaboration among researchers, institutions and nations, shedding light on the global reach and influence of scholarly contributions in the field of M&A in relation to sustainability.

This study identified trends can help scholars, policymakers and business experts to study M&A through the lens of sustainability.

This bibliometric study of M&A in relation to sustainability can drive positive change by promoting responsible business practices, fostering innovation and creating value for both shareholders and society as a whole.

The paper concludes by finding emerging topics of the research and future directions, it gives a good input to extend the line on the graph. This study provides overview of 20 years of research on M&A in relation to sustainability and discusses its findings to identify the research gap.

This study aims to identify the strategic factors and their effects on the post-cross-border acquisitions (CBA) technological innovation performance of the acquiring firms. It develops a hierarchical model to examine the interrelationship between identified strategic factors such as strategic flexibility, strategic ambidexterity, environmental dynamism, etc.

This study uses modified total interpretive structural modeling qualitative methodology (m-TISM) to develop a hierarchical model and conducts a Matrice d’impacts croisés multiplication appliquée á un classment (MICMAC) analysis to show the interrelationship between strategic factors affects the acquirer’s post-CBA technological innovation performance. It determines the autonomous, dependent, linkage and independent strategic factors. It further uses comparative case analysis to empirically examine the strategic factors in real-time CBA situations.

This study shows the m-TISM-based hierarchical model highlighting the interrelation, level of autonomy, dependence and linkage among strategic factors affecting the acquirer’s post-CBA technological innovation performance. It suggests that strategic factors such as environmental dynamism, R&D competence, innovation capability and technological capability are largely autonomous and have significant driving power, whereas strategic ambidexterity and strategic flexibility are the connecting factors. post-M&A integration is the governing factor for technological innovation performance in CBA.

The strategists and practitioners could evaluate the key strategic factors having significant driving power for strategy formulation and implementing efficient policies. By implementing the m-TISM model acquiring a firm’s post-CBA performance can be enhanced. Future researchers might utilize quantitative methods like regression and structural equation modeling in the CBA context.

This study uses a novel m-TISM and MICMAC approach to identify the driving and dependent factors affecting post-CBA technological innovation performance. It further provides a detailed theoretical and conceptual understanding relating to the philosophy and establishes an interrelation amongst these under-researched strategic factors in CBA.

The authors investigate the effects of Chinese acquirer’s chief executive officer (CEO) risk preference on mergers and acquisitions (M&A) payment method and the moderating roles played by acquirer’s ownership, industry relatedness and whether the M&A is cross-border.

Using 4,624 worldwide M&A deals conducted by Chinese firms from 2009 to 2021, the authors conduct multiple linear regression and ordered probit regression. And comprehensive indexes constructed based on the observed features of acquirer’s CEOs are used to be the proxy for CEO risk preference.

The results show that the higher-level Chinese acquirer’s CEO risk preference is overall positively associated with using more stock in payment. Moreover, the above relationship is strengthened if the ownership of the acquirer is state-owned.

The authors highlight the importance of the non-economic factors and demonstrate a relationship between the Chinese acquirer’s CEO risk preference and the M&A payment method, providing support for and enriching the upper echelons theory (UET). Moreover, the unique risk priorities of Chinese acquirers’ CEOs are revealed.

This study combines institutional and organizational learning perspectives to investigate the impact of institutional distance and institution-specific cross-border acquisition experience in emerging markets on cross-border acquisition performance.

The sample consists of 874 transactions involving targets across 37 emerging markets by 484 different acquirers from 45 developed and emerging markets. The authors decompose institutional distance and acquisition experience along their cultural, administrative, geographic and economic dimensions.

The authors find that cultural, administrative and geographic distance have a negative impact on acquisition performance. In contrast, economic distance does not appear detrimental to acquisition performance across markets. The study provides evidence that a company may apply learnings from previous transactions in similar cultural and economic emerging market environments to elevate the likelihood of a successful acquisition.

This study offers a more fine-grained perspective of the distance concept by decomposing the concepts of institutional distance and acquisition experience along different institutional dimensions. The research across 37 emerging markets sheds light on which of the similarities and differences between these markets are relevant concerning acquisition experience and performance.

The purpose of this study is to shed light on the impact of the COVID-19 pandemic on cross-border M&A advisory business in Japan.

Using the grounded theory approach and trust embedded in network theory, the authors conducted interviews with 12 Japanese senior M&A advisors from 8 different advisory firms, categorizing the results into three general themes.

The first theme comprises deep insights contributing to a “decrease in M&A deals” during the COVID-19 crisis as not many deals could be advised while several were canceled. The second theme is “time delays,” with ongoing deals taking more time to be completed. The third gen-eral theme concerns the “new normal” after the COVID-19 era, as M&A advisors have learned to cope with their challenges and are subsequently more efficient, especially time-wise, in dealing with clients.

The research was based on qualitative data gathered from only 12 interviewees from 8 different consultancies who were Japanese senior M&A advisors.

The practical implications of this research go beyond the findings of M&A studies conducted during and soon after the COVID-19 pandemic. Consulting firms commonly report on the COVID-19 impact on M&A markets or client firms but are silent about their own hardships in establishing trustful relationships with clients during the COVID-19 pandemic. In contrast, we turn the spotlight on the consulting firms themselves to understand their challenges.

The originality of this research goes beyond previous studies on the economic impact of firms; the authors lay out the foundation for the hardship of establishing trustful relationships between M&A advisors and their clients during the COVID-19 crisis. The three general themes elucidated the impact of the pandemic, highlighting the challenges confronting the Japanese M&A advisory business. These themes thus provide a more nuanced understanding of the COVID-19 impact.

The link between interlocking directors and mergers and acquisitions (M&A) efficiency has been analyzed in an information asymmetry environment. Despite an abundance of evidence highlighting that interlocking directors do contribute to M&A efficiency in an acquirer-target binary relationship, the target is embedded in a complex network of supplier-customer relationships, which implies that the acquirer needs to consider the value of suppliers, distributors and retailers in the target’s supply chain in improving M&A efficiency. Through the lenses of acquirer-target multivariate relationships, this paper aims to examine how directors with supply chain experience (DSCs) act as heterogeneous network pipes to affect M&A efficiency.

Using a sample of 311 A-share listed firms on the Shanghai and Shenzhen stock exchanges in China during 2011–2020, this paper investigates the relationship between DSCs and M&A efficiency by using ordinary least squares (OLS) regression.

Through empirical research, we verify a negative relationship between DSCs and M&A duration and an inverted U-shaped relationship between both DSCs and M&A performance, revealing the complexity of the relationship between experience and efficiency. Furthermore, drawing on upper echelon theory, the information value of DSCs will be greatly reduced when executives have overconfident psychological characteristics, which are mainly shown to negatively moderate the relationship between DSCs and M&A performance. We also conduct multiple robustness tests and supplemental analyses to illustrate the robustness and boundaries of our findings. Finally, DSCs are likely more important in environments among growth and mature firms as well as high-growth industries.

We break through the assumption that interlocking directors contribute to M&A efficiency in an acquirer-target binary relationship and examine the impact of DSCs on M&A efficiency based on micro-empirical evidence from the value of target-related upstream or downstream industries, which extends the connotation of interlocking directors and enriches the study related to factors influencing M&A efficiency.